DHS’s Latest DACA Memo Doesn’t Make Sense

DHS asserts against all common sense that “rescinding DACA entirely may well create a more pressing need for Congress to decide whether it wants to address this issue.” Not only do we now have ample evidence that ending DACA won’t force Congress to act, DHS’s memo—by laying out policy, not legal arguments against DACA—makes it less likely that Congress will act.

July 28, 2020

Mothball Central Banks and Dollarize

Most central banks in emerging countries produce junk currencies, banking crises, instability, and economic misery. These central banks should have been mothballed and put in museums long ago.

National Review (Online)

Last Century’s Transportation Ten Years from Now

A review of ten passenger‐​train corridors funded by President Obama’s high‐​speed rail program found that only one ended up increasing train speeds by more than 2.2 miles per hour, and several actually saw speeds decline, suggesting that the $11.5 billion federal dollars and $7 billion state dollars spent on these projects was almost completely wasted.


The New Deal and Recovery, Part 6: The National Bank Holiday

The Federal Reserve System was hemorrhaging gold, and entire state banking systems were shutting down one after another. If the economy was to survive and recover, FDR had first to staunch the bleeding, and then to arrange for a transfusion. Here I explain how he managed the first of these steps.